b'LOS ANGELES FIRE AND POLICE PENSION SYSTEM NOTES TO FINANCIAL STATEMENTS JUNE 30, 2025 AND 2024NOTE 9DERIVATIVE INSTRUMENTS (Continued)For options, swaps, rights, and warrants pricing would come from the exchange they are traded on if they are exchange traded securities.They can also trade as over-the-counter securities and the market values would then be determined by the value of a reference security or value that would typically be publicly priced.For assets traded over the counter and held at the custodian bank an independent pricing service is involved in calculating the price of the derivative security using the value of the reference security or reference value.The fair value balances and notional amounts of derivative instruments outstanding at June 30, 2025, classified by type, and the changes in fair value of such derivative instruments for the year then ended as reported in the 2025 financial statements are as follows: Changes in Fair Value Fair Value at June 30, 2025 NotionalType Classification Amount Classification Amount AmountInvestment Derivatives:Futures - Shorts N/A $- Investment $- $(74,259,693)Futures - Longs Investment Revenue3,695,512 Investment -728,128,088Forwards Investment LossInvestment(3,851,262)-(11,080,706)Options Investment Loss (1,336,941) Investment25,892-Others Investment Revenue 1Rights/Warrants Investment Revenue 614,681 Investment Swaps Investment Revenue11,797,895 Investment 19,749,021- The fair value balances and notional amounts of derivative instruments outstanding at June 30, 2024, classified by type, and the changes in fair value of such derivative instruments for the year then ended as reported in the 2024 financial statements are as follows:Changes in Fair Value Fair Value at June 30, 2024 NotionalType Classification Amount Classification Amount AmountInvestment Derivatives:Futures - Shorts N/A $ - Investment $- $ (179,474,293)Futures - Longs Investment Loss(575,920) Investment - 813,876,265Forwards Investment Revenue 5,837,642 Investment3,455,256 -Options Investment Loss(275,008) Investment 27,110 -Others Investment Revenue 40,021Rights/Warrants Investment Loss(320,757) Investment9,677 -Swaps Investment Revenue 12,170,927 Investment3,706,028 - 50SECTION 2FINANCIALS 65'